Fletcher Allen experienced a net operating loss of $478,000 for the first quarter of the 2008 Fiscal year.  The first quarter covers the period beginning October 1st and ending December 31, 2007.

First Quarter Results

The net operating result for the first quarter was $5.4 million below the budgeted amount of $5 million, and $8 million lower than the first quarter of FY 2007.

Net operating revenues for the first quarter were $187.5 million, approximately $6.8 million below budget.  The organization's operating expenses for the quarter were $188 million, $1.4 million below budget, resulting in the net operating loss of $478,000 and an operating margin of -0.26% for the first quarter.  By comparison, the organization had an operating margin of 4.18% in the first quarter of FY 2007.

Operating earnings before interest, depreciation and amortization (EBIDA) for the period totaled $12.7 million compared to the $18.7 budget figure and $19.9 million for the first quarter of FY 2007.

Days cash on hand was measured at 106 days for the quarter compared to 85 days last year.  This indicator is a projected estimate of the number of days an organization could meet operating expenditures provided no additional revenues were received.

Key volume measures were mixed for the first quarter. Total inpatient discharges were below budget by 108 (1.9%).  However, combined inpatient and outpatient days, a measure of the number of patients in the hospital each day, were 17.8% above budget, and physician office visits were 4.6% below budget.

The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003.  The audited financial statements as well as the quarterly results for FY 2003 through the first quarter of FY 2008 are available on the Fletcher Allen Web site at www.FletcherAllen.org.

Click here for FY 2008 First Quarter Financial Results

Click here for FY 2008 Year-To-Date Financial Results